From Jeanne Sahadi at CNNMoney: The push for a debt commission
The Senate...is likely to vote on a proposal that would create a bipartisan commission charged with reining in the country's debt.
The goal: Create a framework for forcing Congress to make some tough choices--specifically tax increases and spending cuts.
The 18-member commission would have the force of law, meaning that Congress would be obligated to consider the commission's recommendations and vote for or against them--no amendments, no filibusters.
And they'd have to do so before 2010 is done.
It's possible its supporters will reconsider a fiscal commission that Obama has been considering by executive order.
I think is this great idea. Banks were able to pay tremendous bonuses (although earning money is the American way), but with companies failing they shouldn't b allowed to pay out big bucks when the companies are in the red and then expect the tax payers to bail them out.
On the other side of the coin should the government be allowed to get deeper and deeper in debt? Shouldn't the U.S. Government need credit counseling just like someone with excessive debt would? What do you think?
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